International Energy Agency Director: The current energy crisis is more severe than the combined impact of 1973, 1979, and 2022.

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According to France’s Le Figaro on April 7, International Energy Agency (IEA) Director Fatih Birol recently stated to the media that the oil and gas crisis caused by the blockade of the Strait of Hormuz is “more severe than the crises of 1973, 1979, and 2022 combined.”

“Never before has the world experienced such a large-scale disruption of energy supply,” Birol said. “We are facing a massive energy shock that combines oil shocks, natural gas shocks, and food shocks.”

Birol warned that European countries, Japan, Australia, and others will suffer losses, but the greatest risk is faced by developing countries, which will encounter higher oil and gas prices, higher food prices, and an overall acceleration of inflation.

The IEA recently announced that 32 member countries unanimously agreed to deploy 400 million barrels of strategic oil reserves. Birol explained that some of these reserves have already been released, and the process is still ongoing.

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